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IRS Tax Savings for Los Angeles and California Taxpayers
Los Angeles Tax Attorney – Internal Revenue Service allows tax savings to businesses located in Los Angeles, Orange, Riverside, San Diego and San Francisco area businesses. IRS tax savings and incentives include a special 50-percent depreciation tax allowance for 2008 purchases and an increase in the small business expensing limitation for tax years beginning in 2008. For specific details relevant to your business, please contact your Los Angles Tax Attorney.
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A bill introduced in the U.S. Senate last night will change the bankruptcy law to allow Los Angeles Bankruptcy Court Judges and Los Angeles Bankruptcy Attorneys to modify loans held by Los Angeles homeowners on the verge of losing their homes in Los Angeles and California through foreclosure.

The amendment to Bankruptcy Law, S.2636, allows Los Angeles Bankruptcy and Tax Attorneys to provide modifications to mortgage loans on the Los Angeles homewoners’ “principal residence” who meet certain income and expense criteria.
Los Angeles Bankruptcy Court May Stop Foreclosure by Modifying Home Loans

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IRS Tax Attorney says IRS Tax Audit for Los Angeles and California Residents will increase.

IRS, including the IRS offices in Los Angeles and throughout California, is likely to get higher budget for tax collection enforcement activities according to the Internal Revenue Service. Tax attorneys and advisors to the President have stated that Congress will appropriate over 11 Billion dollars for IRS. A large portion of the IRS budget will be dedicated towards IRS’ expenditure for tax collection enforcement.

In addition, IRS plans to increase tax audits for higher wealth individuals including taxpayers in Los Angeles, Orange and Riverside County earning $100,000 or more, and especially among those making $1 million plus. The number of IRS tax audits among the million dollar group in Los Angeles and metro California regions increased 84 percent in 2007 from the prior year.

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IRS Tax and Penalty Collection to increase in Los Angeles and California metro regions.

IRS Tax Attorneys and lawmakers advising Congress are likely to endorse giving Internal Revenue Service more tools to improve IRS tax debt collection, compliance and boost revenue.

Internal Revenue Service faces congressional pressure collect additional $290 billion per year in taxes which go uncollected each year.

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As the housing prices gradually decline in the Los Angeles area, foreclosure and bankruptcy attorneys in the Los Angeles area have been inundated with inquiries by consumers desperate to save their homes.

Los Angeles Times is reporting that to help homeowners, six of the largest U.S. mortgage lenders, including Los Angeles based Countrywide, announced today they will halt the foreclosure process while they try to work out a new payment scheme with the delinquent borrowers. This new plan is dubbed “Project Lifeline,” and set to identify borrowers more than 60 days delinquent and stall any foreclosure proceedings by much as 30 days while new loan terms may be negotiated.

This “new” plan is not really new. Most banks have been extending additional grace period beyond the statutory foreclosure timelines to accommodate delinquent home owners. In this market, most banks do not want to foreclose on the homeowner. If you can show any reasonable cause or provide a plan which can demonstrate your ability to catch up on your arrears, most lenders have been holding off the foreclosure process in some cases as much as 6 months.

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Los Angeles has one of the nation’s highest number of self employed or small business operations. IRS is increasing its enforcement and compliance activities with respect to these taxpayers. IRS Tax Audits overall have increased every year over the last three years. IRS targets many of these businesses which its believes are involved in high cash volume business including the garment, restaurant, travel, tour and numerous other service related sectors where compliance and reporting requirements may be lacking.

In addition, IRS will continue to monitor single cash transactions involving more than $10,000.00. The Tax Reform Act of 1984 required businesses that receive large cash payments to report them to the Internal Revenue Service. The statute was designed to help the Service “identify taxpayers with large cash incomes.” In addition, the Patriots Act and other collateral legislation allows increased surveillance on transfer of funds including cash. A bank or a business who in the coarse of his trade or business is paid more than $10,000 in cash in one or more related transactions must file a return with the Service. It is common that such filings would trigger an IRS Audit or investigation.

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Betting on the Los Angeles Lakers to win the NBA title this year? How about the Los Angeles Dodgers winning the World Series? If you have gambling winnings, IRS wants to tax you.

Payors of $1,200 or more on winnings from bingo or slot machines, or $1,500 or more from keno, must file information returns on Form W-2G with the service center by February 28 following the calender year in which the winnings were paid.

Beginning this year the Internal Revenue Service will require all poker tournament sponsors to report tournament winnings of more than $5,000. Casinos will also implement federal withhold 25 percent taxes from gambling winnings.

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An IRS income tax return may be made your tax attorney if the taxpayer is unable to make it by reason of illness or continuous absence from the United States for a period of at least 60 days before the due date, or if the taxpayer requests written permission from the IRS and the IRS finds good cause to allow such substitution.

A return that is signed by the IRS tax attorney on behalf of the taxpayer, but without the taxpayer having first executed a valid IRS power of attorney, is not a valid tax return from the IRS’ perspective.

Tax Liability for income, estate, and gift taxes generally is reflected on required tax returns. To the extent that these tax returns disclose that IRS tax debt exists, the IRS may summarily assess those tax amounts even if you or your tax attorney did not execute the return.

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Many taxpayers that meet with our lawyers in our Los Angles office often have not filed their IRS tax returns in many years. I actually met with someone who hasn’t filed a IRS tax return in over 25 years.

In terms of helping anyone with this type of tax problem it is important to prepare and file all unfiled tax returns. Besides the fact that unfiled tax returns could lead into criminal tax and tax fraud related problems with the IRS, you will probably pay less in taxes by filing your IRS tax return on your own.

What happens if you do not file IRS Tax Return?

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